My husband and I would like to buy a duplex and live in one part. Can we still get the good rate for a primary residence?
2007-01-18 02:52:11 · 8 answers · asked by Jessica A 1 in Business & Finance ➔ Renting & Real Estate
I currently own a home in Florida and would like to move back to Idaho and buy a duplex. Will we need to get a bridge loan until our home in Florida sells---it this the best way to do it?
2007-01-18 06:23:44 · update #1
That should be fine if it is the only home you will own at the time of closing, otherwise it will be an occupancy issue for the lender.
There isn't 100% financing for conforming loans for a 2 unit property so you will need at least 5% down. There are many alt programs out there but the rate will be a little higher.
2007-01-18 03:05:55 · answer #1 · answered by Nicholas M 3 · 0⤊ 0⤋
Yes.
If you live in the property as your primary residence and there are no more than 4 units you can obtain financing as an owner occupant.
Duplex, tri-plex or 4-plex are all possible. Hence you do not need to limit yourself to just a duplex.
Some people who live in a 4-plex find that the income from the other three covers their full cost of living there. No guarantees but more likely when there is a great amount of income from the rents.
2007-01-18 05:54:09 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Yes. I have obtained a loan for a duplex and listed it as my primary residence to obtain better financing. I also was financed 100% on this property. I am not sure if it was conforming, but based on the interest rate, I would assume that it was.
2007-01-18 03:17:05 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Yes. I handled a loan with similar circumstances. You can get a decent rate for it being your primary residence, but multiple unit properties also increase the rate.
2007-01-18 04:34:43 · answer #4 · answered by Anonymous · 0⤊ 0⤋
In general, the answer to your question is yes. Once you go to five or more units, banking laws consider the real estate income-producing property, as opposed to owner-occupied residential.
That said, there are lots of cookie-cutter home mortgage lenders which might not be willing to make loans on anything that is not a traditional owner-occupied single family home.
2007-01-18 04:36:57 · answer #5 · answered by Adoptive Father 6 · 0⤊ 0⤋
Yes - on a two unit primary residence, definitely.
2007-01-18 03:40:50 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Yes, as long as you consider it your primary residence.
There should not be a rate adjustment to a 2 unit property.
2007-01-18 02:56:00 · answer #7 · answered by Culture Warrior 4 · 0⤊ 0⤋
If you live in it, it is your primary residence. There may be some local regualtion on the part that you rent out.
2007-01-18 02:56:46 · answer #8 · answered by fangtaiyang 7 · 0⤊ 0⤋